Progress Software Corp PRGS:NASDAQ

Last Price$49.58NASDAQ Previous Close - Last Trade as of 4:00PM ET 8/12/22

Today's Change+1.72(3.59%)
Bid (Size)$48.00 (1)
Ask (Size)$52.00 (3)
Day Low / High$48.21 - 49.81
Volume179.7 K

Sector Update: Tech Stocks Edging Higher This Afternoon

1:26PM ET 6/29/2022 MT Newswires
Technology stocks were hanging on again for narrow gains, with the SPDR Technology Select Sector ETF (XLK) rising 0.1%, but the Philadelphia Semiconductor Index was sliding 0.4% this afternoon.

In company news, LiveOne (LVO) climbed 5.4% after the digital media company nearly halved its fiscal Q4 net loss compared with year-ago levels, reporting an $0.11 per share loss for the three months ended March 31 as revenue grew 11.4% year-over-year to $23.4 million, also topping analyst estimates looking for a $0.12 per share net loss on $20.4 million in Q4 revenue.

Viasat (VSAT) fell 4.2% after Wednesday saying co-founder and executive board chairman Mark Dankberg would return as CEO at the satellite services company on July 1, succeeding incumbent chief executive Rick Baldridge, who will become vice chairman of the Viasat board. Dankberg previously had been CEO since its 1986 launch through November 2020.

Progress Software (PRGS) dropped 8.1% after overnight projecting net income and revenue for its current quarter lagging Wall Street expectations, upstaging better-than-expected Q2 results by the enterprise software firm. Excluding one-time items, it is expecting to earn $0.96 to $0.98 per share during the three months ending August 31 on between $147 million to $150 million in revenue. Analysts, on average, are looking for non-GAAP net income of $1.10 per share on $160.9 million in revenue.